Friday, July 2, 2010

The largest and best managed oil company, Exxon Mobile (NYSE:XOM) is currently trading at a yearly low and has seen a 20 percent decline compared to this time last year. Other big oil giants like Chevron, PetroChina, and Statoil have discovered billions of barrels of oil over the last 2-3 years.

Even though they're shares are going mostly sideways, they've also seen a decline of 16 percent over the last year. Gene McGillian, broker and analyst at Trading Energy in Stanford said, "The fundamentals of the market remain negative. If we don't get some positive economic news we will soon test $70."

There is one oil company ConocoPhillips (NYSE:COP) that has maintained an uptrend which is quite impressive despite the broad market being down since May. Billionaire investor Warren Buffet is a big shareholder of ConocoPhillips and recommends them.